Plan del EC
Buena observacion Ptolomeo
First, I don't think last Friday's settelemnet agreement came as a total surprise to the EC. True, they stood up in court and said, "Nobody told us.", but I think that was just to get on the record and into the judge's mind that the EC has been ignored.
Given that they can't broadcast publically what their plans are; and I know, that is frustrating to all of us, it would be foolhardy to think they have just been stiing idly by fiddling their thumbs and praying for divine intervention.
The EC did a good thing yesterday and announced foramlly that they oppose the global settlement.
That's Step #1, and a step I think we all knew was going to occur.
Now, I don't have any inside poop on exactly what the EC has planned, but I think it's safe to say it will consist of some or all of the following.
1. They will again reiterate how the most most harmed have been ignored and treated as if they don't even deserve to speak.
2. All those skeletons in the closets of JPM and the FDIC will be bared to show the judge just how ruthless and immoral ( and most likely, illegal) the seizure of WaMu was.
3. A thorough accounting of assets will finally be aired; one that finally tells our side of the story.
4. And of course, the EC will point out how idiotic last week's announced settlement was, especially since Weil is supposed to be looking out for everyone and not just his inner quarry of friends.
I'm sure many of you can add to this list, but I think those four basics will definitely be included.
Given that the EC can't publically say a whole lot more of substance until at least March 26th, I expect our stock will trade in a very narrow range until then ( maybe .16 to .24 or thereabouts?).
One thing is for certain, our story will get told in front of someone who is in a position to do something about it.
If the heat starts to look like too big a mouthful for JPM, I wouldn't be surprised if they offered a modest settlement to WAMUQ holders- maybe .75 to $1.00- in an effort to make us go away. It's probably the prudent thing to do for them.
(Lou)